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"We had taken Healy Consultants assistance in incorporating our entities in some of the complicated jurisdictions. Their approach right from the beginning has been very systematic, clear and efficient. It has been a pleasure to work with all of them."

"Thank you Healy Consultants for swiftly project managing my engagement. From the moment I met you in Singapore Healy Consultants attended to my requirements and specific needs. I am more than satisfied with your service. Moreover, your weekly updates allowed me to continue to focus my attention on my global business while trusting you to deliver as promised."

"Thank you Healy Consultants, you were instrumental in setting up of my Hong Kong based company, the whole process was completed in a professional and timely manner."

Terry Skews, CEO Brittany Offshore Limited

"Healy Consultants, a professionally managed firm with clear understanding and knowledge about what client expects from them and delivers the same in a professional and timely manner. Kudos to their team."

"Incorporating any company is comparable to setting the foundation blocks of your new company building, which you aim to build in the best location available. By choosing Healy Consultants you are laying the perfect foundations."

"The one word that defines Healy Consultants is perfect professionalism. If you have Healy to set up your business abroad, you could focus on the operational overhead and let Healy take care of the rest. From Incorporation to Taxation, it’s a one stop solution. Rest assured, you will have the best people in the Industry working for you and providing you with the best possible information and suggestions."

Raja Chakraborty, Director Streamlyn Pte. Ltd.

"Thank you Healy Consultants for successfully project managing our business set up in Kuwait, Lebanon, Qatar and Bahrain."

"When it was time to establish a Space Academy in Singapore, TriVector needed a knowledgeable firm that could not only help us establish our infrastructure, but could also advise on the local and regional business climate. Healy was that firm, which is why we've been satisfied Healy Consultants for almost five years now."

"Healy Consultants were instrumental in the set up of our company. They have continued to provide exceptional support and advice over the years."

Susan Gunnery, Managing Director Qudoss Group

"Healy Consultants is the best firm that we have ever worked with. Through our entire business relationship we were satisfied with provided level of quality and services. Healy Consultants have been responsive and detail oriented which has allowed us to stay focused on our business and not getting distracted with small details."

"Not only did Healy Consultants have expert knowledge of local requirements, they also understood my needs as a foreigner, which is something lacking with the Singaporean consulting firms I spoke to. They drove the process from start to completion. I’m more than satisfied with the service."

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Advantages and Disadvantages

Advantages of Nigeria company registration

Tax exemption through Special Economic Zones

The country boasts 14 operational special economic zones, offering foreign companies registering a new business in Nigeria several incentives including i) a tax holiday on all taxes including federal, state, and local government taxes ii) duty free import and iii) 100% repatriation of capital, profits, and dividends;

These zones allow companies to export manufactured products to foreign markets. Such companies are also exempt from all import and export licensing and all expatriate quotas, and one-stop approval is available for permits, operating licenses, and incorporation;

Registering a Nigerian company in a special economic zone also allows our Clients to sell their goods into the domestic Nigerian market, provided import duty is paid on manufactured goods sold domestically;

Land is rent-free for the first 6 months, for any construction project undertaken in the zone.

A rapidly growing business environment

Because it sits on the 8th largest proven oil and gas reserves on the planet according to OPEC world crude oil reserves 2014, Nigeria has the 3rd highest projected GDP growth rate in Africa at 7%, and 7th in the world. This is a super attractive location for foreign investors to register their company in Nigeria;

The Nigerian banks possess cheap assets, with an average price/earnings ratio of just 5.92. Coupled with recent reforms designed to improve security and reliability, the financial sector is an attractive investment opportunity;

The government has recently made the development of physical and industrial infrastructure a priority, with several large-scale projects. Investors can expect dramatic improvements in the quality of transportation, communications, electricity, and water supply over the next 5 years;

Companies profits in respect of goods exported from Nigeria are exempt from tax provided the proceeds are repatriated to Nigeria and used exclusively for the purchase of raw materials, plants equipment and spare parts;

Profits of companies whose output is primarily imputed to the manufacturing of products for exports are excluded from local corporation tax.

Disadvantages of Nigeria company registration

Taxation burden

Outside free zones, Nigeria is a high tax country. Corporate income is taxed at 30%, withholding tax rate of 10%, and a VAT rate of 5%;

When running a business in Nigeria, companies may only hire expatriate workers if they have a minimum share capital of US$30,000 and are successful in applying for an expatriate quota. US$90,000 in share capital is required to guarantee two positions for foreign workers;

The country suffers from i) a lack of a steady power supply ii) poor quality roads iii) slow internet for supporting a smooth running of business in Nigeria;

Bribes are a common practice in many facets of doing business in Nigeria. The country is indeed poorly ranked as the 31st most corrupt country worldwide, according to the 2015 corruption perceptions index. Any dealings with the Nigerian judicial system are mired by executive interference and corruption throughout all levels of the judiciary;

Intellectual property rights are poorly protected and copyrights, patents, and trademarks are not enforced. Prosecuting intellectual property theft is a waste of time;

Nigeria has one of the world’s least efficient property registration systems. Acquiring the rights to property and proving those rights in the eyes of the Nigerian court system is difficult.

Company law challenges

Registering a company in Nigeria is time-consuming, requiring an average of 5 weeks to complete. In addition, depending on the industry, obtaining the proper licensing to do business can take up to an additional 14 weeks to complete;

Obtaining a license to do business in an export processing zone requires a minimum of US$62,000 in share capital for the company. These funds must be deposited in to a corporate bank account or spent on capital goods for the business prior to the license being granted;

Following company registration, each wholly foreign owned entity must secure i) Nigerian Investment Promotion Commission (“NIPC”) registration ii) a business permit from the Ministry of Internal Affairs iii) a Certificate of Capital Importation from the Nigerian bank iv) an Expatriate Quota from the Ministry of Internal Affairs and v) Register with Tax Authorities and Obtain First Tax Clearance Certificate.

Safety concerns

Security and safety are main issues faced by entrepreneurs willing to hire expats in Nigeria. While the homicide rate is below the average for Africa, it is still ten times higher than the UK rate. Investors will likely need to spend additional money on security and insurance of their foreign employees;

Best uses for a Nigeria company

Easy access to African markets

Through rail, road, sea, and air, Nigeria’s location allows entrepreneurs starting a company in Nigeria an easy access to the lucrative West African and sub-Saharan Africa markets. From Nigeria, a business person can fly to anywhere in Africa in under 6 hours;

English is the official business language and is spoken by the majority of educated business persons in the country, making it easier for foreign companies to start a business in Nigeria through subsidiary company registration;

Nigeria boasts the lowest production costs in Africa, with skilled labor costs in particular being significantly cheaper than other African countries;

There is no minimum share capital requirement to register a Nigeria limited liability company;